Wells Fargo 2006 Annual Report Download - page 2

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2 To Our Owners
Building a culture of collaboration—
instinctively putting what’s best for the
customer first—is the key to outstanding
financial performance. Dick Kovacevich
and John Stumpf explain how we’re doing.
10 One Team. Pulling Together.
For Customers.
Our customers come to us every day
with financial problems they can’t solve,
financial questions they can’t answer,
financial needs they expect us to satisfy.
Eleven stories show how we do it.
24 One Team. Pulling Together.
For Communities.
We pull together as one Wells Fargo to
make our communities better places
to live and work. In financial capital alone,
we gave over $100 million to nonprofits
nationally for the first time.
31 Board of Directors, Senior Leaders
34 Financial Review
66 Controls and Procedures
68 Financial Statements
120 Report of Independent Registered
Public Accounting Firm
123 Stock Performance
124 Stockholder Information
Which Measures Really Matter?
2006 Update (inside back cover)
Wells Fargo & Company (NYSE:WFC)
We’re a diversified financial services company
helping satisfy all our customers’ financial
needs—and helping them succeed financially
—through banking, insurance, investments,
mortgage loans and consumer finance.
Our corporate headquarters is in San Francisco,
but we’re decentralized so all Wells Fargo “con-
venience points”—stores, regional commercial
banking centers, ATMs, Wells Fargo Phone BankSM
centers, internet—are headquarters for satisfy-
ing all our customers’ financial needs
and helping them succeed financially.
Aaa, AAA
Wells Fargo Bank, N.A. is the only bank in the
U.S., and one of only two worldwide, to have
the highest credit rating from both Moody's
Investors Service,“Aaa,” and Standard & Poor's
Ratings Service,“AAA.”
Assets: $482 billion
(5th among U.S. peers)
Market value of stock: $120 billion
(4th among U.S. peers)
Fortune 500: Profit, 17th; Market cap, 18th
Team members: 158,000
(one of U.S.’s 40 largest private employers)
Stores: 6,000+
Reputation
Barron’s
World’s 12th most-admired company
CRO Magazine
Among 50 top corporate citizens
BusinessWeek
Among 10 most generous corporate givers
DiversityInc.
Among top 50 companies for diversity
Forbes
Among top 25 U.S. companies in composite
ranking of revenue, profits, assets and market
value
Fortune
USA’s “Most Admired” Large Bank
KeyNote WebExcellence
No. 2 full-service online broker
Luxury Institute
Among top 10 brands for wealth management
Moody’s Investors Service
S&P Ratings Services
Highest credit ratings (Wells Fargo Bank, N.A.)
Working Mother
Among 100 best companies
Our Market Leadership
#1 retail mortgage originator*
#1 mortgage servicer*
#1 small business lender
#1 small business lender in low-to-
moderate income neighborhoods
#1 insurance broker owned by bank
holding company (world’s 5th-largest insur-
ance broker)
#1 agricultural lender
#1 financial services provider to
middle-market businesses across
our banking states
#1 commercial real estate broker
#2 home equity lender
#2 debit card issuer
#2 bank auto lender
#3 ATM network
#4 deposits
Our Earnings Diversity
historical averages, near future year expectations
* Credit cards,student loans, asset-based lending, equipment finance,
structured finance, correspondent banking, etc.
Community Banking . . . . . . . . . . . . . . . . . . . . . . . . . 33%
Home Mortgage/Home Equity . . . . . . . . . . . . . . . 19%
Investments & Insurance . . . . . . . . . . . . . . . . . . . . . 16%
Specialized Lending* . . . . . . . . . . . . . . . . . . . . . . . . . 16%
Wholesale Banking/Commercial Real Estate . . . . 9%
Consumer Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%
© 2007 Wells Fargo & Company. All rights reserved.
* Inside Mortgage Finance